MSMEs | Chamber of Commerce

NBCC, Tech Stakeholders Canvas Metaverse and NFTs as Paths to Grow the Digital Economy

Aug 01, 2022   •   by   •   Source: NBCC   •   eye-icon 854 views

The digital world is starting to thrive and gain footing with its evolving technologies and ongoing advancements. In its efforts to advance best practices, the Chamber promotes the need to investigate the many opportunities available, particularly about the Metaverse and NFTs in Africa. The panel discussion on "The Futures and Challenges of Non-Fungible Tokens (NFTs) and Metaverse in Africa" enhanced this discussion further. 


Welcoming panellists and guests at the event, the President and Chairman of Council, NBCC - Bisi Adeyemi, described the metaverse notion and NFTs as a concept that has remained of interest to people since it first appeared and grew in prominence during the Covid-19 pandemic. Looking at the economics of these concepts, she stated that "The Metaverse market size has been predicted to reach as much as $800 billion by 2024. According to a report by Grayscale, even beyond the $800 billion predictions, some think that Metaverse could reach $1 trillion in annual revenue. And then there are the highly respected JP Morgan and Goldman Sachs throwing around figures of $1-12 trillion." 


This, in her opinion, confirms expert predictions that the Metaverse is a substantial economic force that has the potential to significantly change the way we live, work and sell in the years to come. The CEO/MD, Africa Prudential Plc, Mr. Obong Odiong, who moderated the discussion, affirmed that blockchain technology is relatively new, like NFTs and Metaverse, but possesses so much potential for an outstanding digital economy.


Ms. Buki Ogunsakin, the Principal & Head, Satoshi, BBO Solicitor, stated that the government needs to equip itself with research-based knowledge and develop appropriate policies for adequate protection due to the complexities of the Metaverse. She described the lack of regulations, security, and data privacy issues as some of the risks associated with the NFTs and Metaverse. 


"We currently do not have rules for space, and this is because there is a lack of understanding due to the complexity of the metaverse… the government needs to do more research to understand space and get regulations to protect civilians," she said. Speaking on the same matter, Mr. Yomi Ogunle, co-founder of Harvest, said that the educational sector was one of the key drivers of growth in the multiverse in Africa, apart from digital art. Using "Eduverse" as a case study, he described it as an online learning environment that allows students to harness the power of the Metaverse and explore immersive virtual worlds in a safe and inclusive environment. 


To further the conversation on blockchain technology, Mr. Jimmy Daodu, Founder and CEO of Vault Hill, said that blockchain was not as synonymous with cryptocurrencies as many believe. He noted, "It is a basis for immutable ledgers, or records of transactions that cannot be changed, deleted or destroyed. This promotes transparency and accountability for users." 


Young Nigerians actively participate in NFTs as artists, and Ms. Mary Victoria Imasuen, the Creative/Content Media Associate at Bitnob, applauds this. She also urges the educational system to promote this and provide resources to meet the growing need for information about these technologies.


Given the beneficial effects and significant advantages, it would bring to the country and continent, additional discussions and measures on the issue would occur.

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